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Virginia

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Affordable HousingDevelopmentIndependent LivingNewsVirginia

True Ground Housing Partners Underway on $64M Affordable Seniors Housing Community in Metro D.C. 

by Hayden Spiess

CHANTILLY, Va. — True Ground Housing Partners has broken ground on a new affordable seniors housing community in Chantilly, roughly 30 miles outside Washington, D.C. Dubbed Avonlea Senior, the development will be situated within the Avonlea Town Center master-planned community by Peterson Cos.  Upon completion, the project will comprise 137 units reserved for residents age 55 and older. The property will also feature a wellness suite, business center and two community rooms.  Development costs will total roughly $64 million. Completion of the community is scheduled for summer 2026.  Financing for the …

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AcquisitionsAffordable HousingNewsVirginia

Greysteel Brokers $5.9M Sale of Affordable Seniors Housing Community in Virginia 

by Hayden Spiess

BERRYVILLE, Va. — Greysteel has brokered the $5.9 million sale of Mary Hardesty House, an affordable seniors housing community located in Berryville, roughly 65 miles northwest of Washington, D.C. Community Housing Partners was the buyer.  Totaling 60 units, the property was developed using low-income housing tax credit (LIHTC) financing and is engaged in a long-term affordable housing use agreement. Amenities at the property include a game room, social gathering area, fitness center, outdoor patio and grill and salon.  Fletcher Hultman, Justin Mazzamaro and Henry Mathies of Greysteel represented the seller, The …

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Assisted LivingDevelopmentIndependent LivingMemory CareNewsVirginia

Beth Sholom Village Opens Aviva Pembroke Community in Virginia Beach, Virginia

by Hayden Spiess

VIRGINIA BEACH, Va. — Owner-operator Beth Sholom Village has opened Aviva Pembroke, a new community located in Virginia Beach adjacent to the Pembroke Square shopping mall. Pembroke Realty Group developed the property on behalf of Beth Sholom Village.  Totaling 153 units, the community features 121 independent living, 20 assisted living and 12 memory care residences.  Amenities at the property, which was designed by Kahler Slater, include a pool, fitness center, bistro, community room and a meditation and prayer room. Outdoor amenities include a deck, rooftop lounge and terrace, pickleball courts, putting …

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Assisted LivingDevelopmentIndependent LivingMemory CareNewsVirginia

NexCore Group, Experience Senior Living Break Ground on 215-Unit Senior Living Community in Metro D.C. 

by Hayden Spiess

Falls Church, Va. — NexCore Group and Experience Senior Living (ESL) have broken ground on The Reserve at Falls Church, a new, 215-unit senior living community in Falls Church, roughly 10 miles outside Washington, D.C.  Upon completion, the property will feature independent living, assisted living and memory care units across 15 stories. Amenities at the community will include multiple restaurants, an indoor saltwater pool, spa, fitness center and a “maker space” for creative endeavors.  Nuveen Real Estate is providing an undisclosed amount of capital for the project.  Scheduled to open in …

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Watercrest Fredericksburg Assisted Living and Memory Care
Assisted LivingDevelopmentMemory CareNewsVirginia

Watercrest Underway on 142-Unit Assisted Living and Memory Care Community in Fredericksburg, Virginia

by Hayden Spiess

FREDERICKSBURG, Va. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles southwest of Washington, D.C.  Upon completion, the property will feature 142 units, with 106 assisted living and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards.  Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank …

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AcquisitionsAssisted LivingNewsOperationsVirginia

Impact Senior Living Takes Over Operations of Carriage Hill Retirement in Bedford, Virginia

by Jeff Shaw

BEDFORD, Va. — Impact Senior Living, an affiliated SRI Management company, has taken over operations of Carriage Hill Retirement in Bedford, located between Lynchburg and Roanoke approximately 150 miles west of Richmond. Set on over 15 acres offering views of the Blue Ridge Parkway, Carriage Hill Retirement specializes in assisted living and memory care. The number of units was not disclosed.

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CCRCDevelopmentNewsVirginia

LifeSpire Plans $80M Expansion at The Summit in Lynchburg, Virginia

by Jeff Shaw

LYNCHBURG, Va. — LifeSpire of Virginia has announced plans for an $80 million expansion of The Summit, a continuing care retirement community in Lynchburg. Although the number of units was not disclosed, the company says the project will “create dozens of new residences” via 18 cottage homes and multiple villa options, as well as a new memory care neighborhood. The nonprofit LifeSpire of Virginia, which acquired The Summit in late 2021, plans to complete the expansion over the next 24 months. As Virginia’s senior population swells to an expected 2.2 …

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CCRCDevelopmentNewsVirginia

LifeSpire Breaks Ground on $25M Expansion at The Glebe in Daleville, Virginia

by Jeff Shaw

DALEVILLE, Va. — LifeSpire of Virginia has broken ground on a $25 million expansion project at The Glebe, a continuing care retirement community in the Roanoke suburb of Daleville. The project will add a total of 22 new cottages will to the campus. These new residences are specifically designed to allow seniors to age in place. The first set of cottages is expected to open in early 2025.  U.S. Census data shows that persons older than 60 years of age account for 28 percent of the overall population in Roanoke …

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FinanceNewsVirginia

BWE Arranges $47M Refinancing for Discovery Village at the West End in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — BWE has arranged a $47 million loan to refinance Discovery Village at the West End, a 219-unit, Class A independent living, assisted living and memory care community in Richmond. Ryan Stoll and Taylor Mokris arranged the financing on behalf of a large private equity investor. Mesa West Capital provided the funds. Discovery Village at the West End comprises a 124-unit independent living building and a 95-unit assisted living and memory care building. The property is located on 37 acres and was built between 2011 and 2015 Discovery Senior …

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AcquisitionsAssisted LivingNewsVirginia

Berkadia Negotiates Sale of 77-Unit Community in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Berkadia has arranged the sale of a 77-unit assisted living and memory care community in Richmond. The seller was a publicly traded REIT. A private equity group acquired the property for an undisclosed price and has installed Commonwealth Senior Living as the operator. The new owner plans to implement a renovation plan, scheduled for completion in the first quarter of 2025. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders led the Berkadia team.

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